Oil tumbles below $100 after Trump announces two-week ceasefire
NEW YORK, – Oil plummeted on Wednesday, falling below $100 a barrel, on hope of the Strait of Hormuz reopening after U.S. President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures settled $14.52, or 13.29%, lower at $94.75 a barrel, while U.S. West Texas Intermediate crude slid $18.54, or 16.41%, to $94.41 a barrel.
